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El Salvador President Nayib Bukele revealed that the country has started Bitcoin mining using volcanic energy. President Bukele said that the testing and installation process is still going on, but the country has officially started mining Bitcoin.
We’re still testing and installing, but this is officially the first #Bitcoin mining from the #volcanode 🌋
— Nayib Bukele 🇸🇻 (@nayibbukele) October 1, 2021
Clean Bitcoin mining was one of the other important missions of President Bukele which he announced in June during the same time when the country’s Congress passed BTC as a legal tender. However, the controversy and hype around BTC overshadowed its volcanic mining development plans. Now that the infrastructure has finally been developed, the financially challenged nation could find a new stream of revenue for the state.
El Salvador created history in the first week of September when Bitcoin was officially indicted and started being used as a legal tender. The national bitcoin wallet Chivo has already seen over 2.7 million downloads within a month of launch. Bitcoin remittance in the state has also reached a million dollars per day, which suggests despite the media backlash and protests in the country, BTC is seeing a great adoption among citizens.
2.73 million people already using @chivowallet
180 new users every minute (users not downloads).
1 million dollars in remittances being received every day.
#Bitcoin🌋🇸🇻— Nayib Bukele 🇸🇻 (@nayibbukele) October 1, 2021
El Salvador Can Become a Hub For Clean BTC Mining
The Chinese crypto ban added with the growing demand for clean Bitcoin mining can make El Salvador a hub for BTC miners. With Kazakhstan looking to impose a temporary ban due to a power shortage, El Salvador can seize the opportunity and attract new miners to the country. The mined BTC can then be used for the welfare of the state. The mining industry could pave way for not just revenue stream but also provide jobs in the region making it a win-win situation.
El Salvador not only made Bitcoin a legal tender along with US Dollar in the country, but it has also starter buying the Bitcoin dip and currently holds over 400 BTC in its treasury. The President indicated that they plan to buy more BTC during market dips.
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